Find out how Shelbourne Accountants can help you manage your Capital Acquisition Tax today.
Capital Acquisition Tax (CAT)
CAT comprises the following;
Gift Tax
Inheritance Tax
Discretionary Trust Tax
Discretionary Trust Tax
We want to assist you, if possible, in reducing your exposure to Capital Acquisition Tax. This is taxed on the beneficiary. The threshold is a life threshold so if the beneficiary receiving the gift/Inheritance were to receive future gifts/Inheritances from a person in the same group threshold they would be subject to the full CAT rate if their threshold was previously exceeded. At Shelbourne Accountants we take a proactive rather than a reactive approach to Tax planning. Estate planning is really important. Answer the following questions; • Have you a Will? • Have you looked at the Tax consequences of your Will?
Inheritance Tax
Inheritance Tax is charged on taxable Inheritances taken on death The current Rate of CAT is 33%. CAT is Taxed on the beneficiary of the gift/Inheritance. In CAT there are different Group thresholds depending on the relationship between the person who is giving the gift/Inheritance to the beneficiary. Any monies in excess of this threshold would be taxed at 33%
Gift Tax
Gift Tax is charged on taxable gifts taken other than on death
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